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Can YOU make money as a trader?

24% are winners taking a 5 year period. After 12 years 99,99% are losers. There is a study somewhere that proves this. Winners are only posible when handling mathematical formulas that include time. Forget about indicators. They all lag.
Very hard question actually. Everyone has different conditioning and psychology and that applies to trading.

Some conditioning may have told us from an early age that trading just isn't a thing that we can even consider doing, which can cause one to not even believe that consistent profit is available via trading. I definitely had some of that to go through.

I don't think about it a lot, but I've had something like 5 or 8? consecutively gaining weeks in a row now. Tiny amounts to begin with but I've gone from 1,000 units of risk in 3 lots to 20,000 x 3 and I plan to increase this slowly. So I've re-conditioned myself, or however you may put it, to now believe it is certainly possible.
big money makes big moves and then hides during small money chasing.
Quoting Noor16
Making money not easy at forex
Good you learned. Easy money cannot be found under the sun.
Every trade is different
Quoting RichardNaylo
24% are winners taking a 5 year period. After 12 years 99,99% are losers. There is a study somewhere that proves this. Winners are only posible when handling mathematical formulas that include time. Forget about indicators. They all lag.
It's true for all endeavors, survival of the fittest it is called.
Every trade is different
Quoting edlawill
{quote} I think luck has no relation with this,as the amount of good luck coming your way depends on your willingness to act..and also time can not be determined in making money as a trader as it is not always obligatory to do extraordinary things for getting extraordinary results.
No one should depend upon luck in trading. You can be fortunate one or a couple of times. Regardless, You genuinely do need to understand what you're doing. It's the unfaltering work that finally pays off. If you do reliable work in right way, you will get accomplishment.
As a forex trader for around 10 years. I can probably give you an answer, now be aware this is based on my journey and probably won't give you closure.

simple answer: Yes I have made money as a trader. As a matter of fact it's helped me buy my 1st home.
Now before you "yes, what is the answer".
For me few pointers i could tell you.

  1. You must have a plan, and be comfortable with it.
  2. Your strategy is going to fail (ALOT). Always be prepared for losses.
  3. Account Management is the key here. (Put your account on the line every single trade is NOT account Management).
  4. Manage your Phyche of FOREX.

Quoting RichardNaylo
24% are winners taking a 5 year period. After 12 years 99,99% are losers. There is a study somewhere that proves this. Winners are only posible when handling mathematical formulas that include time. Forget about indicators. They all lag.
You are contradicting yourself here. You say to use winners are based on "mathematical formulas"
Indicators are all based on mathematical formulae and you say to forget about them "they all lag".
Of course they lag, they can only use information on trades already taken. They cannot predict the future. That's why they are called indicators and not "exacts".
If you have been trading since 2001 you should understand this.
H
Big advice speculate with 10% or less of your savings. If traders abided by that alot will be successful. You say it won't be enough to make a living, I say don't trade to make a living. Trade as a hobby, don't care about it and watch how your account starts growing.
Every trade is different
Quoting Rennaissance
Big advice speculate with 10% or less of your savings. If traders abided by that alot will be successful. You say it won't be enough to make a living, I say don't trade to make a living. Trade as a hobby, don't care about it and watch how your account starts growing.
Amen.
Simple Answer. Yes. Keep practicing with focus
Yes but only if you put in the effort yourself. Buying products and things like that will never work.
The key is to trade long term. Stop all the 1 min chart craziness and you will make profits over the long term
Quoting HeyYou
{quote} IMO you guys are taking this trading thing too seriously... been there. Don't be obsessed with profits or success in business. I have learned that you should focus on what you love in order to make money, which is just a byproduct. if you can let go these ideas copletely... you're the best there are indeed succesful people who focus on making money but hey I bet my a** they started already rich , as they say " money makes money". as poor retailers we should diversify as much as possible, and there are so many opportunities out there!...
That has nothing to do with making money as a TRADER. You are making money as a marketer. Best of luck as marketing is also a business, and most fail. If you try to both, no focus, not to many succeed except the authors of HOW TO books
Ecclesiastes 1:9
Quoting hmp2511
The key is to trade long term. Stop all the 1 min chart craziness and you will make profits over the long term
I know a few successful traders that trade the split screen 5min and 1min. Highly focused trading for 3-4 hours a day and the make a good living without the daily grind of commuting to/from work.

Not everyone can do this. You have to isolate yourself from everything, no yardwork, taking care of elderly, talking to spouse, or kids and grand kids. And no phone, no lights, no motorcar. No CNBC or Bloomberg.
Ecclesiastes 1:9
Quoting newbegger
{quote} That has nothing to do with making money as a TRADER. You are making money as a marketer. Best of luck as marketing is also a business, and most fail. If you try to both, no focus, not to many succeed except the authors of HOW TO books
I also make money as an employee in my dad's company.

Just saying... it's wise to diversify IMO especially as retailers. remember our money is in the broker's bank account.


sorry for the OT, I just thought you guys are risking too much investing all your energy and money in this market, which is also very volatile.
Post deleted.
Quoting Rennaissance
{quote} cannot be found under the sun.
must be your favorite one too.
Interesting thread I must say. Making money because of wanting more money is when you're going to waste your time. Making money because of hobby is when you're going to get into 5% winner (probably long time). That research about time is really interesting. Do you have a link or can you find it @RichardNaylo ?
Who wrote this CRAP - THREAD ?

Such an idiot rethorical question....
Yeah...you all come and be traders...7 billion people will get reach

B++CH PLEASE !!!
Money making in Forex market is definitely difficult as your strategies fail a thousand times but certainly not impossible.
Quoting newbegger
{quote} I know a few successful traders that trade the split screen 5min and 1min. Highly focused trading for 3-4 hours a day and the make a good living without the daily grind of commuting to/from work. Not everyone can do this. You have to isolate yourself from everything, no yardwork, taking care of elderly, talking to spouse, or kids and grand kids. And no phone, no lights, no motorcar. No CNBC or Bloomberg.
Do you actually see them making money or they just said that ?
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